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Brace yourselves: New Penn Wharton budget model finds that Joe Biden's illegal student loan cancellation will cost way more than we were told

Great news, everyone! Remember how Joe Biden’s big taxpayer-funded bailout for student loan borrowers was going to cost us over $300 billion, which would come out to about $2,000 per taxpayer? Well, it looks like those numbers were incorrect.

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It’s actually going to cost us like three times the original estimates. That’s according to a new Penn Wharton budget model. Here’s how they summarized their analysis of Biden’s plan:

President Biden’s new student loan forgiveness plan includes three major components. We estimate that debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less. Loan forbearance will cost another $16 billion. The new income-driven repayment (IDR) program would cost another $70 billion, increasing the total plan cost to $605 billion under strict “static” assumptions. However, depending on future IDR program details to be released and potential behavioral (i.e., “non-static”) changes, total plan costs could exceed $1 trillion.

“Could exceed $1 trillion.” Do we hear $2 trillion? If anyone can make it happen, it’s a power-hungry progressive Democratic administration.

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Did we mention that this move is not only unjust, but entirely illegal and unconstitutional?

Looks like it will be doing just about as much to ease inflation as the Inflation Reduction Act will. Which is to say, it won’t do a damn thing to ease inflation but will in fact make inflation much, much worse.

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Exactly.

Without any authorization from Congress. That’s just the icing on the cake, isn’t it? If House and Senate Dems actually had any backbones, they’d’ve spent the past several days condemning Biden for bypassing Congress on this, which, we must reiterate, is against the law. (Note: Democratic Rep. Chris Pappas did, in fact, call out Biden for this massive overreach, so he’s exempted from our wrath for the time being.)

Can CNN’s Manu Raju track down Joe Manchin and get a comment on this new development?

One might even say impeachable. Not just with regard to the president, but also with regard to the members of Congress who absolutely know better but are happy to go along with the whole thing. Looking at you, Nancy Pelosi.

The federal government is poised to chuck us over the edge of the financial cliff and into the abyss. And we’re just supposed to give them the money to buy the trebuchets. Or, more accurately, we’re just supposed to sit there and let them rob us blind.

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They’re the ones committing the crime; we’re the ones being punished. In what universe should we just accept that?

It’s definitely not American.

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